Erie FCU - 2022 Annual Report

Insured by NCUA

Our Mission Statement

The mission of Erie Federal Credit Union is to responsibly deliver financial solutions that meet the needs of our community.

Our Vision Statement

The vision of Erie Federal Credit Union is to be the #1 most trusted financial resource in the region.

EXECUTIVE LEADERSHIP TEAM

Brian Waugaman, Chief Executive Officer

Brian Warzynak, Chief Information Officer

Chris Cortes, Chief Operations Officer

Denise Kaczmarek, Chief Lending Officer

Fred Tonty, Chief Financial Officer

Thomas Brennan, Chief Marketing Officer

“Be a guiding light, a safe harbor, a beacon of hope, and a solid foundation for those around you. ”

—Jennifer Gayle

REPORT OF THE CEO

Throughout Erie Federal Credit Union’s entire 86-year history, and since our original charter granted in June of 1936, Erie FCU has responsibly grown to become the largest credit union in northwestern Pennsylvania, now managing over $779 million in assets. We remain a financial institution that truly values and cares about serving the financial needs and well-being of our members and community. Like you, whether employee or volunteer, each one of us serving at Erie FCU is a member and we remain committed to responsibly delivering financial solutions that meet the needs of all members, member businesses and the communities in which we serve. Our purpose-driven, member-first approach has become a beacon to those desiring a financial partner with their best interests at heart, and because of strong member and community support, Erie FCU is now well over 72,000 members STRONG and focused on an even brighter future.

Erie Federal Credit Union remains a financially stable financial institution. Capital by the end of 2022 increased from 9.56% to 9.72% of assets. This remains well above the ‘well-capitalized’ threshold of 7.00% established by the National Credit Union Administration (NCUA).*

• Assets grew 7.40%, or $54 million, increasing total assets to $779 million.

• Deposits grew 2.77%, or $18 million, increasing total deposits to $674 million.

• Loans grew an astounding 25.82%, or $98 million, increasing total outstanding loans to $476 million, including auto, mortgage, consumer and business lending portfolios.

In compliance with NCUA Rules and Regulations Part 748 and Appendix A, as required by the Gramm-Leach-Bliley Act, Erie Federal Credit Union actively maintains an Information Security Program that includes administrative, technical, and physical safeguards appropriate to the size, complexity, nature and scope of our activities. To protect member personal information from unauthorized access and use, Erie FCU incorporates a multitude of security measures complying with federal law. These measures include a sophisticated combination of infrastructure, data encryption, operational workflow, and physical and digital security safeguards. In addition, the Security Alerts & Notices area of our public website provides members with securityrelated notifications, alerts and helpful resources to ensure member knowledge and understanding of current and potential fraud and scam activity, including ways to minimize overall risk as a result of potentially fraudulent activity.

Building a Brighter Future Together

Erie Federal Credit Union was successful in completing many remodeling initiatives in 2022 to further enhance consistency and our internal “Strive for Five” culture focused on extending a fivestar experience to all Erie FCU visitors.

In June, we completed the long-anticipated remodel of our internal Support Center. This initiative added increased space and expanded access to our friendly team of knowledgeable and local support staff, thereby minimizing member wait times. Integrated in-person, online, phone and text tools permit enhanced and secure notification and communication with members, no matter where they are.

In addition, we completed a remodel of our West 32nd Street facility, which has been repurposed to serve as the credit union’s new centralized Employee Training and Media Center. No need to worry, existing ATM access will remain available at this convenient location. And to ensure members can find us, you may have noticed newly installed external signage bringing much needed consistency and identification to the Erie FCU brand.

Erie FCU remains committed to investing in the ongoing education and professional development of our staff and volunteers. In relation to our internal Employee Development Program, staff and leadership development resources were greatly enhanced throughout 2022 providing access to additional coaching, personal and professional development training, and networking opportunities. We are extremely proud to announce that beginning in 2023, all staff will begin work toward completion of the “HERO Community Development Certified Financial Counselor” certification curriculum. The objective of the HERO (Helping Everyone Reach Opportunities) curriculum is to train all credit union staff on the very best techniques in identifying financial distress, intervention, and coaching individuals and families to improve their financial lives. Through consistent coaching, education and development, Erie FCU desires to increase our team’s knowledge and overall valuable service to you, our members.

Looking to build a brighter future and further extend our service and the benefits of credit union membership, we officially broke Continued next page

Brian J. Waugaman, CEO

ground on our newest branch located at 7141 West Ridge Road in Fairview, PA. This new one-story, 1,500 square-foot branch is scheduled to open for business in the summer of 2023. The new branch will feature multiple drive-up lanes, a drive-up ATM, a warm and welcoming environment and private offices for meeting with members. From all of us here at Erie Federal Credit Union, we would like to sincerely thank Fairview Supervisors, the Fairview community and all of western Erie County in supporting and welcoming us to your neighborhood.

We would again like to extend our appreciation to our members and the community for your continued support, trust, and awareness of your credit union’s purpose. Because of our continued commitment to the communities we serve, Erie FCU was once again voted:

• “Erie’s Choice in Credit Unions” by readers of the Erie TimesNews for the tenth consecutive year in a row.

• Erie’s “Best Bank” for the ninth consecutive year by readers of the Erie Reader.

• Additional honors included three-time repeat winner of “Erie’s Choice in Mortgage Lender”, and our Erie Advisors group was awarded “Erie’s Choice in Financial Advisory Group.”

I want to express my sincere gratitude and respect for the accomplishments of our valued team members and volunteers. We continue making significant advancements. Many additional consumer and business service enhancements, workflow, and operational changes are planned in the coming year. I am confident that we will be successful in positively impacting the overall member experience and our product and service delivery.

In conclusion, Erie FCU remains focused on building a brighter future and strongly believe in supporting member desires to succeed financially. We remain committed to doing the right things in support of our members and local businesses while promoting our city and region. As a valued member, you are the purpose behind all we do; the reason for our continued growth and success. Our collective success relies on continued support from our members, dedicated staff, volunteers, and community partners. We cannot make the difference we do without you. Thank you!

Erie FCU is here to serve you!

Sincere wishes for a safe and productive 2023,

Supervisory Committee Report

Erie Federal Credit Union’s Supervisory Committee consists of volunteers who are appointed by the Board of Directors in accordance with the Federal Credit Union Act. This Committee is responsible for ensuring that credit union policies, procedures and internal controls are adequately designed to protect the Credit Union and its members’ assets against fraud and conflict of interest. The Committee oversees and reviews the work of the internal audit department and ensures the financial condition of the credit union is accurately represented in their financial statements through a review by an independent audit firm.

CliftonLarsonAllen LLP completed an annual audit of our financial statements and verified the accuracy of members’ accounts for the year ending March 31, 2022. CLA confirmed that the financial statements fairly present the Credit Union’s financial position and conform to generally accepted accounting principles.

The National Credit Union Administration (NCUA) is an independent federal agency that regulates federal credit unions. They conduct periodic examinations of federal credit union’s records and operations. Erie FCU’s last exam performed by NCUA was as of September 30, 2022.

The Supervisory Committee is pleased to report these positive results. We will continue to work diligently in 2023 to ensure the Credit Union remains a safe and sound institution. We are grateful for the opportunity to serve you!

In closing, I would like to thank Mary Swaney & Stephanie Fitzgerald of the internal audit department for all the help they have provided our committee. — Rick Macer, Chairman

Election of Directors

The Nominating Committee designated Norb Kaczmarek , Rick Macer and Dr. Pablo Reyes for re-election to the Board of Directors. There were no nominations by petition received. Therefore, the nominees will be Elected by Acclamation at the Annual Meeting on May 8, 2023 and will serve a 3-year term.

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from accounts insured by the NCUSIF.

* NCUA is an independent agency of the United States government that regulates, charters and supervises federal credit unions. NCUA also operates and manages the National Credit Union Share Insurance Fund (NCUSIF) backed by the full faith and credit of the U.S. government, the NCUSIF insures the accounts of millions of account holders in all

credit unions and the vast majority of state-chartered credit unions. Members can confidently join and conduct business with federally insured credit unions because no member has ever

“Erie FCU is large enough to be up to date on technology and innovation, but small enough to remain friendly.”

BOARD OF DIRECTORS

Report of the Board of Directors

On behalf of the Board of Directors, it is my pleasure to report that 2022 was another outstanding year of growth and stability for our credit union. Today, Erie FCU stands at nearly $780 million in assets with over 72,000 members, and close to 200 employees. From its humble beginnings as the Erie School Employees Federal Credit Union, Erie FCU remains the largest credit union in Northwest PA.

2022 was a great year in many other ways too:

• We helped more members get home loans, auto loans and small business loans than ever before.

• We remained directly involved in our communities. Erie FCU’s Team AOK did this with their work and their volunteer commitments in 2022.

• The Board of Directors and Management Team met with a third-party facilitator who conducted our annual strategic planning session. The strategic planning session consisted of a review of goals, objectives, product/service offerings, operational efficiencies, and commitment to improving service to our members.

Strategically, the Board has provided direction to management to focus on the delivery of technology to enhance member experience as well and to responsibly grow our savings and lending programs.

Erie FCU was established in 1936, and for 86 years, we have been dedicated to meeting our members’ expectations. I have no doubt that our first Board of Directors pledged to be focused on the members, and that has not changed today. A primary responsibility of your Board of Directors is to ensure that the operations of the credit union meet the needs of the membership. Throughout this Report, you will see that our credit union is as safe and strong as ever.

A Safe Harbor

It is unsettling to see major swings in the stock market, or to observe heated exchanges among political leaders about the best financial course for the country. Turmoil in the economy has many consumers feeling at sea. It is understandable that you might be concerned or worried.

You can be reassured on one point, and that is the security and stability of your credit union and your accounts here. Your Erie FCU savings are always insured to at least $250,000, backed by the National Credit Union Administration (NCUA). Federal insurance protects your money in credit union share savings, share draft/checking, money market, share certificate, trust, and retirement accounts. Erie FCU also

maintains Excess Share Insurance (ESI), which provides additional coverage beyond primary NCUA coverage up to an additional $250,000, essentially extending combined coverage up to $500,000

In addition, our strong capital position—a safety net of undivided earnings and other reserves—helps us weather setbacks. And, we keep an allowance for loan losses that provides an additional buffer in case a few members cannot repay their loans. Further strengthening the credit union, federal and/or state regulators routinely examine our business practices to make sure we are

Continued on page 8

Norb Kaczmarek

Dr. Pablo Reyes Bill Dietz

Dennis Howard

Laurie Becker James Lazan

Richard Macer

Director Emeritus Daniel Nawrocki

We Stand for our Community 2022 Impact report

You are a member-owner. As an owner of this credit union, when you succeed so do we! You should know how your investment at Erie FCU is affecting the community you live in. Here is the impact of this work:

Moments in Home Ownership

CELEBRATING “SOLD” TOGETHER - We believe that in order to support a more vibrant community, we should work towards ensuring that more of our neighbors have access to affordable home ownership.

Mortgage Consultations - Our mortgage experts provided free mortgage consultations to 245 members in 2022.

Home Ownership - 90 homes were financed for $11,773,381; 18% of mortgage purchase loans funded in 2022 were made to low/moderate income borrowers based on First Front Door (FFD) and First-Time Home Buyers (FTHB) results.

First-Time Home Buyers (FTHB) - $394,950 was financed to 5 first-time home buyers.

First Front Door (FFD) - Erie FCU offers a first-time home buyer grant program funded by FHL Bank, Pittsburgh, PA where qualified home buyers can receive a 3-to-1 matching contribution. Through the FFD Program, 14 members benefited in receiving a total of $70,000

Moments of Member Savings

Savings: Growing, Keeping and Paying

• The credit union’s strong track record of growth is excellent and is an indicator of consumer confidence and the organization’s ability to strengthen its balance sheet.

• In 2022, Erie Federal Credit Union has increased its total non-brokered deposits with an overall deposit growth of $18.15M or 2.77% through December. A strong track record of growth is an indicator of consumer confidence and the credit union’s ability to strengthen its balance sheet.

• Overall dividends in relation to industry averages – Erie FCU’s Dividend +Plus checking rate is 2.02% versus the national average for a high yield checking account of 1.43%.

• Erie FCU’s Business Plus Checking paid up to 0.35% APY versus the national average of 0.10% APY.

• Erie FCU’s Money Market paid up to 1.10% APY versus the national average of .25% APY.

Moments in Partnership

Team Acts of Kindness (#TeamAOK) - Since the inception of Erie FCU’s #TeamAOK, our volunteers have tallied thousands of hours of volunteerism. True to the spirit of “People Helping People”, #TeamAOK continued to reach out and volunteer,in spite of the ongoing pandemic. We had 126 volunteers provide 232 hours to organizations and events in 2022. Some of this time was spent delivering warm winter clothing to homeless shelters, donating movie tickets along with other fun ticket opportunities to youth groups and surprising local food pantries with monetary donations so they could “Feed the Need!” Other events included raising money by walking for the American Heart Association and #TeamAOK’s “Frozen Assets” who jumped into Lake Erie (in November) to raise money for and in support our local Special Olympics. 27 nonprofit and organizations were the recipients of the generosity of #TeamAOK.

Shred Events - In 2022, members brought their personal documents to be securely destroyed. Twenty five (25) bins and 7,500 plus pounds of shredding was collected. Members donated PB & J during Shred Day to add to the month-long collection in July which yielded over 500 lbs. of PB&J that was donated to the Second Harvest Food Bank of NW, PA.

VITA Free Taxes – Erie FCU ,through the Volunteer Income Tax Assistance (VITA) program, volunteered 1,641 staff support hours returning $2.1 million back to the Erie Community and deserving tax payers and saving filers $312,858

Moments in Auto Lending

First-Time Auto Buyers - $238,617.13 was financed to 21 first-time auto buyers

Auto Refinance Program - Erie FCU gave borrowers a 1% rate discount on their qualifying rate. In 2022, $10,095,338.61 was financed at an average rate of 4.56%. The 1% rebate of $100,953.39 will be paid out to borrowers after they make 12 consecutive on time payments.

Indirect Auto Lending - Members may finance their vehicle with Erie FCU right at the dealership. $113,877,092.11 in auto loans were financed at local dealerships.

Moments in Business Banking

Business Lending - At Erie FCU, our business lending experts used their experience in the community to design loans and lines of credit supporting the need for local business growth and expansion.

• Loans provided in-house: $17,403,152.78

• Participation loans: $13,390,927.21

Business Checking - To help you take your business where it needs to go, we created three new business checking accounts. Our checking accounts are easy to use, easy to access, and cost less than bank business checking accounts.

Moments in our Community

Strong Employee Workforce - Erie FCU is a growing financial institution supporting 195 local employees that remains focused on providing excellent member service inspired by the credit union movements founding values.

Charitable Giving - Erie FCU is proud to provide community support through grants and sponsorships to certified 501(c)(3) organizations and other groups based in communities in which the credit union has a physical location or a large concentration of members. Erie FCU donated over $35,000 and countless volunteer hours to local charitable organizations.

• Food Security Initiative – Erie FCU donated $30,000 in Support of Local Hunger Awareness and Food Assistance with the “Give Hope - Feed the Need” campaign distributing $3,000 each to ten (10) Erie area organizations.

• Socktober - In October, Erie FCU members and staff collected socks, gloves, hats, scarves during a month long “Socktober” drive and donated to 3 local shelters that provide to those in need.

• Shining Stars - Erie FCU members and staff purchased 100 Stars to provide gifts for children at a local daycare whose parents were not able to provide gifts at Christmas. Erie FCU also helped in the distribution of gifts provided by other local businesses and organizations to 645 local families

• Thanking Our Veterans - Erie FCU employees provided 480 hand written cards to be passed out to residents of the Erie VA Medical Center

• Helping Find “FUR” EVER Homes - Erie FCU paid for a “Surprise Adoption” each month in 2022 at the ANNA Shelter.

• Victorian Holidays at the Watson Curtze Mansion (Erie County Historical Society) Erie FCU sponsored this annual event which enabled visitors free admission – Over four days, there were over 2110 visitors!

Moments of Wealth Management

Financial Wellness - Expanding our financial wellness capabilities to our members.

• Free Financial Seminars/Webinars - 62 Financial seminars were offered throughout 2022 attracting 346 attendees. Topics covered retirement, Medicare, social security, home buying, estate planning, student loans and more.

• Financial Literacy Outreach - Financial literacy is the key to individual financial success and helps our entire community thrive. Our team reached out to 175 preschool and elementary students in 6 classes to share the importance of saving money and provided financial literacy presentations to 100 high school students and 168 adults on similar topics. Adult literacy sessions were also conducted for a variety of participants including those employed by the credit union’s Business Affinity Partners.

• With certified financial coaches on staff, Erie FCU helped 82 borrowers receive financial education tailored to their individual situations in 2022.

Moments of Recognition (2022 Trophy Case)

Here are some of our awards, accolades and public recognitions earned in 2022:

• Erie FCU was a 3-time winner once again at the Erie Times News – Erie’s Choice Awards. Erie FCU was voted “Erie’s Choice in Credit Unions” for the 10th year in a row, Erie’s Choice in Mortgage Lender for the 3rd straight year and Erie Advisors, located at the credit union, was again recognized as Erie’s Choice in Financial Advisory Group

• CrossState Credit Union Association awarded Erie FCU for Best Annual Report

• Erie FCU was recognized by the Erie Reader as “Erie’s Best Bank” for the 9th consecutive year!

• Erie FCU also received two Niagara Awards from the Public Relations Society of America, Northwestern Pennsylvania Chapter. We were recognized with a silver award for Marketing and a gold award for Publications (print or digital).

A

to Member Support

Erie FCU’s Member Support Center team provided convenient and friendly service in 2022, while responding to nearly 202,000 incoming phone calls

Impacts in Diversity, Equity and Inclusion

Diversity, equity and inclusion (DEI) are put into practice at Erie FCU to ensure we create a welcoming environment where members, employees and our community can flourish. Mistreatment of anyone will not be tolerated at Erie FCU.

For YOU, not for profit - When you need a loan, you don’t want to pay back double the amount in interest. That’s why credit unions with their lower fees are the better choice. In last year alone, NJ and PA credit unions saved members $397.1 million just in lower loan rates.

Retirement, Investment, Insurance and Education Planning - Complimentary, no obligation consultations were provided to 870 individuals by our Erie Advisors group in 2022, and 78 new clients are now realizing the benefits of the wealth management program.

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(LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates.

If you are concerned about your personal finances, an Erie FCU professional can help, too. Whether you would like to review current loans to see about refinancing at better terms or find out about savings plans that will help you attain your goals, we are here to help.

Credit unions provide financial benefits to members through lower loan rates, higher saving rate, and fewer fees than banking institutions. National studies show that credit union member households, on average, are about $225 a year ahead of other consumers.

Our credit union, your credit union—is strong when our members are strong. Together, we can make port safely even when the economy is in rough seas.

As we look ahead to 2023 and beyond, we are excited about the opportunity to continually improve your experience, bring you additional ways to interact with Erie FCU and provide other service enhancements.

• We are expanding our physical presence with a new branch location in Fairview, PA.

• We will continue to enhance our digital, phone and self-serve channels to allow you to do business with us when it is convenient for you.

• In 2023, we will convert our credit and debit card platforms to a new processor. This change will allow us to improve and optimize your experience and bring contactless, tap-to-pay functionality and advanced fraud detection and prevention capabilities to your Erie FCU cards.

In conclusion, what does all this mean for you? It means you are a member of Erie Federal Credit Union and part of an exceptionally well-run financial institution that lives by its mission to be a trusted partner that meets the needs of our members and the communities we serve.

Dennis D. Howard, Board Chair

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MEMBER satisfaction, YOUR satisfaction is important to us.

Last year, our members were invited to participate in a Member Satisfaction Survey. We were very grateful to everyone who took the time to complete the survey, and always look forward to reviewing and sharing the results. The survey included questions about service

levels, as well as interest in future products and services. The responses helped guide our planning for 2023 and beyond. If you did not get a chance to participate, please know we will again be conducting the survey this Fall! Here are some of the results:

We surpassed our survey goal with a total 1,232 responses!

72.3% of the respondents consider Erie FCU their PFI (Primary Financial Institution)

71% responded that they were EXREMELY likely to recommend Erie FCU to family and friends

40.4% most recently accessed their account by online banking, 22.3% in branch, 16.9% mobile banking app

In the last 3 months, respondents have received information about Erie FCU from: 63% emails, 40.1% website, 25.7% in branch, 26.1% newsletter

71.8% of the respondents rated Erie FCU at 5 stars

Top 3 ranked financial workshop topics:

1. Protection from scams/theft,

2. Investing for retirement/ estate planning

3. Budgeting

Here we GROW again!

How fitting it was to celebrate our 70,000th member milestone during Member Appreciation Week! The 70,000th member was Jeremy S. who banks at our Buffalo Road branch!

Jeremy received a $270 Visa Gift card along with an Erie FCU swag bag. We also made a $270 donation on Jeremy’s behalf to the Erie Animal Network, his charity of choice.

When asked why he chose Erie FCU, Jeremy said, “Because I have many friends that are members and every one of them have nothing but good things to say. I am looking forward to banking with Erie FCU!”

Thank you for joining the Erie FCU family Jeremy! And, a HUGE thank you to all of our amazing members who helped make this incredible milestone possible.

Photo: 70K member Jeremy S. and Erie FCU CEO, Brian Waugaman

Erie FCU Celebrates Future Branch in Fairview with Groundbreaking Ceremony

Our members spoke, we listened.

Erie FCU officially broke ground for its newest branch in Fairview, PA on Thursday, November 17, 2022 at 7141 West Ridge Rd Fairview, Pa 16415.

Attending the groundbreaking ceremony were Erie FCU leadership and staff, the credit union’s Board of Directors along with other officials. The new one-story, 1,500 square foot branch will be open for business in the summer of 2023.

“We were thrilled to break ground in Fairview,” said Erie FCU CEO, Brian Waugaman. “It is truly exciting to see this project being put into motion and for us to continue to strive to make a difference in our community and in the lives of our members. Opening this new branch will not only welcome new members and businesses, but it will also be conveniently located for a large number of our current membership.”

The Fairview branch will feature banking amenities such as multiple drive-up lanes, a drive-up ATM, a warm, welcoming environment and private offices for meeting with members.

“Customer service is top notch and better rates. Convenient locations. Also, we receive faster service with local decision-making. Love EFCU!!!”

“Banks are not as helpful as Erie FCU which is why I’ve been a member for so long. Being a member is so rewarding and has given me so much credit towards my home, my car, and with personal loans, that it’s boosted my credit score. So happy I made the switch!!! Thank you!”

“In my opinion, Erie Federal Credit Union provides great financial assistance and makes me feel like I’m part of their banking family.”

Financial Overview

Year Ending December 31, 2022

2022 A Year of Growth and Possibilities

2022 proved to be another outstanding year for Erie Federal Credit Union. Thanks to our members, income topped $5.7 million, loans grew an outstanding $88 million and deposits increased $18 million. Assets increased over $53 million as Erie FCU continues to expand its membership base in Erie and Crawford counties. Erie FCU continued to be a trusted financial partner to our more than 72,000 members.

Erie FCU continues to remain top of market in loan and deposit rates. Along with the significant asset growth, capital remained very strong at 9.72% —well above NCUA’s adequately capitalized threshold of 7%. One of, if not the most important measurements of a credit union’s soundness, is its capital ratio. Erie FCU remains a Well Capitalized credit union—which is the highest rating given by the National Credit Union Administration (NCUA). Erie FCU’s mission continues to be to “responsibly serve its membership” — which is clearly evident as the credit union continues to grow membership, loans and deposits. We continue to expand our products and services to meet the needs of our community through strategic initiatives and technology to serve our members more efficiently.

Continued growth and financial strength are expected to continue in 2023 as our Board of Directors, Management team and all our staff work hard to provide the financial services Erie FCU members need. For example, we will expand our branch footprint and invest in our

MESSAGE FROM THE CHIEF FINANCIAL OFFICER

current facilities. With that said, we were excited to celebrate the groundbreaking for a new branch facility in Fairview, PA, which will be our 9th branch. We’re look forward to becoming an integral part of the Fairview community and western Erie County.

Our focus in 2023 will remain on our products, service, technology, and the expansion of our field of membership all of which will help position Erie FCU for continued future growth. However, none of our growth, value and expanded product offerings could have happened without your continued trust in our growing cooperative credit union. Together, we are building and maintaining a strong source of financial security and peace of mind for you and the generations to come.

5-YEAR ASSET GROWTH

Article courtesy of Erie Reader

When it comes to voting for Best Bank, Erie agrees that they’d rather not pick a bank at all. With their resounding support for Erie Federal Credit Union, which has been voted Best Bank this year as well as LITERALLY EVERY OTHER YEAR that the awards have been in existence. Erie clearly feels strongly about this credit union and the folks at Erie Federal feel very grateful to have such a loyal member base. Upon receiving their award back in 2017, CEO of Erie Federal Credit Union (FCU) Brian Waugaman commented, “Being fans of the Erie Reader, we are truly humbled and thrilled to be a part of the Best of Erie Awards. There are some excellent financial institutions serving this area, so winning Best Bank/Credit Union means a lot to us. We take our commitment to serving our members, the Erie community, and our employees with care and compassion very seriously. A sincere ‘thank you’ to all who voted Erie FCU for this recognition!” ...

Fred Tonty, CFO

Erie Federal Credit Union has shown they care about the Erie community in both their business and leisure time, and the people of Erie have shown they loyally back their favorite credit union.

Building a brighter future in America

Erie FCU has helped many in our community to achieve home ownership and establish a local banking relationship. Below is a success story of an awesome Erie FCU member who immigrated to America.

Darin immigrated to the US from Damascus, Syria when she was 10 years old. Erie FCU helped her family to establish a banking relationship shortly after they arrived. Erie FCU became their primary financial institution. Over the years, the credit union was able to provide credit cards, personal loans, car loans and CD secured loans to members of the family, including Darin, to establish and build credit. Since then, this family has opened two successful businesses and purchased a home.

Darin also opened an Erie FCU Member Business Loan to purchase a commercial (building) property. This new commercial building became part of a property management company that she formed under a LLC in 2020. Darin opened a new business in 2022 that is housed in the property she financed with Erie FCU.

We would like to think Erie FCU provided a solid foundation from which Darin could build her and her family’s financial future.